The Reserve Bank of India (RBI) has decided to withdraw Rs,2000 denominaation currency notes from circulation. The notes are being withdrawn due to an increase in the circulation of fake currency, government sources told.
The RBI said in a circular that this change has been brought about in pursuance of its ‘Clean Note Policy’. According to the sources, ‘Operation Clean Note Policy’ is aimed at targetting the black money market.The Rs 2,000 denomination cuurency note was introduced in november 2016 following the demonetisation of Rs 1,000 and the old Rs 500 currency notes. According to the Reserve Bank of India , the objective of introducing the Rs 2,000 notes was met once currency in other denominations became available in adequate quantities. As such, the printing of Rs 2,000 notes was stopped in 2018-19. The central bank also said in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 notes into notes of other denominations can be made upto a limit of Rs 20,000 at a time at any branch starting from May 23.
All banks have been asked to provide deposit or exchange facilities for Rs 2,000 notes till September 30. However, the Rs 2,000 notes will remain legal tender.
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